Granted I'm a Realtor who makes his living by closing deals. If I don't close deals I don't get paid.
I like REO's. I can close them in 30 days and my buyer is ecstatic because he gets a great deal. Shorties? I can close them maybe...just maybe in 120 days to over a year----OR NOT AT ALL!
We had a local attorney speak at our monthly sales meeting last week. He wants us to bring him our short sales deals because he is an "expert" at closing them. He also professed expertise in prolonging foreclosure and wanted us to bring him our sellers in trouble facing foreclosure.
I posed my feelings to him: I can empathize with the primary homeowner who lost his job and is facing foreclosure but wants to cure his default. But I think it is criminal for the investor to collect rent while not making mortgage payments and hiring an attorney to prolong the process.
His responce? "It's a double edged sword."
The sooner the lenders foreclose and then sell as REOs the better for this industry- buyers and sellers alike.
That ding-ding-ding is the bell bouncing on the bottom. And the bottom is an REO or a seller who bought in prior to 2001 who is still making a satisfactory profit and decided it's time to cash out.
I brought two shorties to the same attorney's office last year...neither one closed.
So is this thread a post for or against the Attorney?